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GFI Energy Ventures to acquire SPL WorldGroup

19 October 2004 – SPL today announced a tender offer from GFI Energy Ventures for all of its outstanding shares. Upon completion of the acquisition, GFI will incorporate another of its investments, Synergen Inc. into SPL. The series of transactions should conclude before the year ends, dependent on regulatory and other approvals. The financial terms have not been disclosed.

SPL showed their intentions to become a focussed provider of a broad suite of utility specific applications, earlier in the year when they announced the acquisition of CES’ outage and distribution management solutions.

SPL CEO Harry Debes said today of their intentions, “We believe we have found the ideal partner in GFI Energy Ventures to help make this vision a reality. GFI brings substantial capital resources, industry knowledge and relationships, and directly relevant experience.”

GFI is also the majority shareholder of Synergen, the provider of asset management systems and mobile workforce management solutions to the utility and other asset intensive industries. GFI will be merging Synergen into SPL concurrent with the closing of the tender offer.

Debes said, “Today’s utilities face major problems in attempts to keep pace with changes in customer demands, security, asset optimisation, regulatory environment, and market requirements. There is simply no way utilities can respond to these changes with a set of applications that were not designed to work together.”

The combined company will trade under the SPL brand and will offer each major application both as a stand-alone product and as a product pre-integrated with one or more additional offerings.